Barwa Al-Sadd Signs Purchase Agreement to
Buy 75% of Millennium Plaza Hotel at QR 501.6 MM
October 02, 2018
Barwa Real Estate Company announced that its
subsidiary, Barwa Al-Sadd Co. (W.L.L.) -fully owned by Barwa
Group- has signed a purchase agreement to buy 75% of Millennium
Plaza Hotel and the Wellness Center located at Barwa Al-Sadd
Development, from Katara Hospitality at QR 501,642,516 (five
hundred and one million and six hundred forty-two thousand and
five hundred and sixteen Qatari Riyals).
With this transaction, Barwa Al Sadd now
fully acquires the Millennium Plaza Hotel and the Wellness
Center, where it has previously purchased 25% in June 2018.
The company aims from this purchase
transaction to support the operating real estate portfolio of
Barwa Real Estate Group in a way that contributes in realizing
the sustainable growth and enhances the rights of stakeholders.
Barwa also wishes to note that there is no
conflict of interests between the parties related to this
transaction.
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